Lebanon - Current economic position and prospects

Report No. 670a-LE Current Economic Position and Prospects of Lebanon May 20, 1975 Europe, Middle East & North Africa Region Not for Public Use Document of the International Bank for Reconstruction and Development International Development Association This report was prepared for official use only by the Bank Croup. It may not be published, quoted or cited without Bank Group authorization. The Bank Croup does not accept responsibility for the accuracy or completeness of the report.  CURRENCY EQUIVALENTS Average -1971 US $1.00 = LL 3.23 LL 1.00 = US$ 0.31 Average - 1972 US$1.00 = LL 3.05 IJ 1.00 = US$0.33 Average - 1973 US$1.00 = LL 2.65 LL 1.00 = US$0.38 Average - 1974 US$1.00 = 1L2.35 LL 1.00 = US0.1h2  TABLE OF CONTENTS Page No. MAP BASIC DATA SUMMARY AND CONCLUSIONS .......................... i - iv I. RECENT DEVELOPMENTS ..............................1 Production and Investment ..... ...................1 The Sectors ...................................... 2 Consumption and Savings .......................... 4 Balance of Payments .............................. 5 Foreign Public Debt .............................. 8 II. PLANNING AND POLICIES ............................ 9 Sectoral Policies ................................ 9 Regional Policies ................................ 11 Social Policies .................................. 12 III. PUBLIC FINANCE ................................... 13 Central Government Budget ........................ 13 The Autonomous Public Agencies ................... 15 IV. MONEY AND BANKING ................................ 16 Monetary Development ............................. 16 Exchange Rate .................................... 18 Capital Market ................................... 19 Prices ........................................... 19 V. PROSPECTS ........................................ 20 Constraints ...................................... 21 Projections ...................................... 21 Recommendations .................................. 24 ANNEX AGRICULTURE STATISTICAL APPENDIX This report is based on the findings of an economic mission which visited Lebanon in July 1974. The mission was composed of Messrs. Johan de Leede (Chief), Irving H. Licht (Agricultural Economist) and Martin Jackson (Sanitary Engineer, WHO).  i 03